Purchasing the Freehold of a flat with a 64yr lease & a Landlord that cannot be found

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    Purchasing the Freehold of a flat with a 64yr lease & a Landlord that cannot be found

    Dear all,

    I am looking to purchase a first floor maisonette with a 64 year lease(valued at £225k based on an offer accepted at £250k).

    Having spoken to the groundfloor leaseholder (who has 87 years of her lease remaining) she has advised me that her solicitors were unable to make contact with the landlord.

    The building itself needs a fair amount of work - along with the first floor flat which is in a poor state. Both leases mention that the landlord should contribute to half of all repairs made to the building.

    A few questions:

    1) Can I look to purchase the freehold in conjuction with the ground floor flat straight away or do I need to wait two years?

    2) If the landlord cannot be found does this mean we will pay a reduced price compared to if the landlord was contactable?

    3) Does anyone know how much the freehold would cost to purchase? (the ground floor maisonette sold for £235k in Sept 11) - and would I have to pay a larger percentage as my lease is shorter?

    Thanks in advance for any replies.


    Matt

    #2
    The court will determine the lease extension or RTE or RTM for that matter.

    The terms will substantially be the same, the variance will be the absence of the negotiating stance of the landlord, and the effect on vlaue of their absence( because their is no one at the steering wheel ).
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

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